Prospectus

Glasgow Income Trust PLC
18 April 2005


                    Glasgow Income Trust plc (the "Company")
                           Publication of prospectus
                              dated 18 April 2005

The Company announces that it has today published a prospectus in respect of a
placing and offer of up to 40,000,000 ordinary shares in the Company (the
"Prospectus"), as previously announced on 11 April 2005.

The offer will close on 27 April 2005 and admission of the new ordinary shares
to be issued under the placing and offer is expected to take place on 5 May
2005.

A copy of the Prospectus will be available for inspection shortly at the
Document Viewing Facility of the Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS and will be able to be collected free of
charge during normal business hours on any weekday (excluding public holidays)
from the date of publication until 5 May 2005 from the Company's registered
office, Sutherland House, 149 St Vincent Street, Glasgow G2 5DR.

Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited.

Enquiries:

Glasgow Investment Managers
0141 - 572 - 2700



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